Corn and wheat prices also trend significantly higher Wednesday
Grain prices surged higher again on Wednesday, fueled by another round of technical buying spurred by this week’s cold snap, which brought rain, snow and the prospects of widespread planting delays in its wake. Nearby corn prices jumped another 3% higher, while soybeans climbed 1.75% higher and nearly closed above $15 per bushel – a feat not seen since the spring of 2014. Wheat prices also enjoyed healthy gains of around 1.5% to 2% today.
The Midwest and Plains have already seen some rain and snow this week, and most of the region will get some additional measurable moisture between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Most areas will see less than 0.25” during this time, however. The agency’s 8-to-14-day outlook predicts more seasonally wet weather east of the Mississippi River between April 28 and May 4, with a small pocket of colder-than-normal temperatures cent
Argentine farmers sell 14 37 mln tonnes of soy so far this season
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UPDATE 2-Argentina farmers seen planting 6 5 mln hectares with 2021/22 wheat -exchange
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The Commodities Feed: China diesel exports near record levels
Energy
Oil prices have started the week under pressure, with ICE Brent trading down around 0.5% at time of writing. A firmer USD this morning is weighing somewhat on the complex. Nuclear talks over the weekend continued, and further discussions will take place throughout the week. Talks so far have been constructive according to the US, although they have said sanctions will not be removed until there is confidence that Iran will significantly reduce its nuclear activity. Iran has said that there are still large differences with the US, however, it has still started to work on the draft text in order to try revive the nuclear deal. Any breakthrough in these talks which leads to the lifting of sanctions will likely hit sentiment in the short term. However, the medium term outlook remains constructive, with the oil market set to continue tightening.
The complex is still hitting technical resistance at $6/bushel as weather threatens supply forecasts
Corn up 2-4 cents
Wheat up 1-4 cents
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Corn
After yesterday’s lackluster export data sent May 2021 corn futures in Chicago running from $6/bushel, the complex clawed back some of its gains overnight on cool weather concerns as planting season reaches its height, though is likely still hitting technical resistance at the $6/bushel benchmark.